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CBS Channeling Headwinds

Caris is concerned about the long-term viability of the TV operations.

Updated June 12, 2009 12:01 a.m. ET

CBS (CBS: NYSE) By Caris & Co. ($8.33, June 11, 2009)

WE ARE DOWNGRADING CBS (ticker: CBS) from Average to Below Average because of our view that the stock has gotten ahead of itself based on current fundamentals, particularly with regard to the upfronts [ad-buying season], as high levels of chatter keep flying around that CBS will win meaningful cost-per-thousand-viewers (CPM) increases from media buyers.